As a couple in Florida nears the end of the divorce process, there is often an urge to get things signed, sealed and delivered as quickly as possible, so that both parties are able to move on with their lives. This is an understandable approach, but it is important to avoid rushing through the final stage of divorce without ensuring that all of the details have been addressed. Once those papers are signed, it is difficult to go back and address things that were not completed prior to the legal end of the marriage, especially when it comes to matters of property division.
Dividing marital wealth often involves the division of retirement or investment accounts. That process requires a number of phone calls and several types of forms. In the case of retirement savings, a QDRO, or qualified domestic relations order, outlines how the asset is to be divided. It is important to make sure that all of those terms have been met prior to signing the final divorce papers.
Another example is when spouses agree to dividing credit card debt. Those accounts should be handled as soon as possible. In some cases, a party can open a new line of credit and transfer his or her portion of debt from an old account to a new one. Other couples will agree to use savings or other assets to simply pay off and close a certain account. No matter what the agreed-upon terms may be, the details should be handled before the divorce is final.
Property division is among the most impactful areas of any Florida divorce. Having all aspects of the division of assets and debt addressed prior to signing the paperwork is a wise move, for both sides. Most couples who are seeking a divorce want to reach a place where they no longer have to communicate on financial matters, and attention to detail in the later stages of a divorce can help make that goal a reality.
Source: Forbes, "How To Survive Divorce After 50", Tania Brown, Sept. 29, 2016